Saudi Press

Saudi Arabia and the world
Friday, Nov 15, 2024

Saudi Arabia's Mortgage Growth, Cultural Heritage, and International Collaborations Highlight Economic and Tourism Advances in 2024

Saudi Arabia sees a 4.88% surge in residential mortgage issuance as urbanization trends grow, while the country's cultural sites gain international acclaim.
In Saudi Arabia, residential mortgage issuance surged by 4.88% to SR60.92 billion ($16.24 billion) in the first nine months of 2024, driven by increased demand for apartments, especially in cities like Riyadh and Jeddah, signaling trends in urbanization and favorable mortgage conditions.

Meanwhile, Saudi Arabia’s rich cultural heritage gets a nod as the Abo Noghta Castles in Tabab are celebrated as one of the UN's Best Tourism Villages for 2024, recognizing its stunning Asiri architecture and scenic beauty, further placing the country on the global tourism map.

In further development news, Saudi Arabia and France are collaborating closely to transform AlUla into a premier cultural hub, with recent meetings focused on boosting cultural, tourism, and heritage projects as part of a long-standing bilateral agreement.

Over in Bahrain, the Royal Saudi Air Force and the Saudi Falcons Aerobatic Team captivated audiences at the International Airshow, showcasing their flying prowess and reinforcing the event's status as a key player in the aerospace industry with jaw-dropping displays.

Turning to Spain, the Valencia region faces upheaval over delayed responses to devastating floods that claimed 224 lives, predominantly affecting the elderly, leading to public outrage and scrutiny over regional leadership's handling of the disaster.

Finally, on the international front, North Korea's call for mass production of explosive drones raises alarms globally amid heightened tensions, particularly with recent moves interpreted as escalatory, sparking discussions among US, South Korean, and Japanese leaders on the evolving security situation.
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